Category: Bookkeeping

These expenses can quickly add up, especially if you’re a small business with limited resources. Accounting and bookkeeping can be outsourced to handle sales and use tax reporting, bill payment, payroll process, and tax reporting. If you need a higher level of outsourced accounting, a controller can provide tax planning and analysis, depreciation scheduled maintenance,… Continue reading TDefinitive Guide to Outsourced Accounting TOA Global

Separation of duties (SoD), also referred to as segregation of duties, is the principle that no user should be given total control over sensitive systems, processes, or activities. For example, one person is not able to complete a task without another person who acts as a check, the 7 best business debt management companies for… Continue reading Why is Segregation of Duties important?

The details entered on the check, vendor bank account details, payment vouchers, and the original bill and purchase order must be scrutinized. If you would like to explore further how Near can help you outsource your accounts payable roles to professionals in LatAm, book a free consultation call today. For example, the average salary for… Continue reading How the Accounts Payable Process Works in 6 Basic Steps

Relevant tests – Vouching the cost of assets to purchase invoices and checking depreciation rates and calculations. Rights and obligations – means that the entity has a legal title or controls the rights to an asset or has an obligation to repay a liability. Relevant test – select a sample of customer orders and check to dispatch notes and… Continue reading What Are the Audit Assertions? Definition, Types, And Explanation

Depending on the industry, a company could have multiple sources of income besides revenue and various types of expenses. Some of those income sources or costs could be listed as separate line items on the income statement. Net income is the profit that remains after all expenses and costs have been subtracted from revenue. Net… Continue reading Net Income vs Gross Income: What’s the Difference?

The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with… Continue reading How to Know When to Move from Public Accounting to Industry Accounting

When applied beyond accounting, Sage Intacct isn’t the most capable ERP system, as it lacks some of the feature-rich applications others have for use cases like sales, customer support, and logistics. ERP streamlines and integrates all of a company’s data into one database system that acts as the single source of truth, so data can… Continue reading Enterprise Resource Planning ERP: Meaning, Components, and Examples

The double-entry practice ensures that the accounting equation always remains balanced, meaning that the left side value of the equation will always match the right side value. Essentially, the representation equates all uses of capital (assets) to all sources of capital, where debt capital leads to liabilities and equity capital leads to shareholders’ equity. This… Continue reading Accounting equation Wikipedia

The simplest way to understand revenue vs income is by understanding the total summation of your expenses between each term. Effectively managing costs against revenues will determine whether a company will have positive earnings (a profit) or a loss. A company’s sales indicate the performance of its core business operations, while its revenue may be… Continue reading Revenue vs Income Difference, Example, Statement

Teams in England, in particular, have issued debentures to help fund construction, and the holders receive tickets to games or part ownership of the team. Every once in a while, a company will go out of business, and its assets will be liquidated. In this case, there is usually an order to which lenders get… Continue reading What Is a Debenture, and How Does It Work?